Zen Aerospace Corporation reported the following equity account balances on December 31, 2019: Preferred shares, $3.60 cumulative,
Question:
Zen Aerospace Corporation reported the following equity account balances on December 31, 2019:
Preferred shares, $3.60 cumulative, unlimited shares authorized ................................. $ -0-Common shares, unlimited shares authorized,29,500 shares issued and outstanding ......................................................................... 814,200Retained earnings ............................................................................................................ 343,000
In 2020, the company had the following transactions affecting shareholders and the shareholders? equity accounts:
Required
1. Prepare journal entries to record the transactions and closings for 2020 (assume the retirements were the first ever recorded by Zen Aerospace).
2. Prepare the statement of changes in equity for the year ended December 31, 2020.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann